Why You Need a Non-Custodial Wallet Like Eidoo in 2021
Updated: Jan 20
Bitcoin is not what it used to be. Gone are the days when Bitcoin was an eccentricity born of obscure and mysterious Internet sites. This has its pros but also its cons.
Eidoo, as a project seeking accessibility for all types of users, aims to facilitate access to crypto with a tool that allows you to be sure that you always manage your capital the way you want to with your wallet or your crypto card.
In addition to the popularization of Bitcoin, the success of crypto has been accompanied by the proliferation of projects based on tokens, either as ICOs, governance, or utility tokens.
This trend is a fast-growing one, with new projects emerging all the time. However, this perhaps overstated diversity does not help the introduction of new users to the ecosystem.
That’s why we want to help fill this gap with a wallet that allows you to keep track of the tokens you are interested in and not just the tokens that someone else thinks are important to you.
This is why Eidoo wallet with integrated crypto card support is, first and foremost, an app with you and your money at the center of its design.
Interface and Tools
The UI in crypto wallet applications has improved a lot since the beginning. And it's about time.
Gone are the days when a wallet looked more like a log analyzer (which is essentially what this type of application does) than a tool to enable every average Joe out there to manage their money safely. In addition, the inclusion of more tools than those merely necessary to view your available funds and transfer them has increased the options to be displayed in the interface and, by extension, the complexity of use.
At Eidoo, we want your non-custodial wallet to be a solution and not a problem for you. That is why we have taken the utmost care to make the wallet user interface — and experience — as approachable as possible.
Company and Security
With more users and a higher market cap of crypto assets, the strength of the organizations behind crypto products is becoming an important consideration when choosing alternatives.
Moreover, the more successful they become, the more attractive they are to attacks for which they may not be prepared. Yet another reason to take the non-custodial wallet path.
Eidoo is already a veteran organization and has thrived in the troubled waters of crypto startups and the introduction of new ways of creating DeFi products. Eidoo has demonstrated the solidity you would expect from someone behind your wallet of choice.
Technologically speaking, it seems non-negotiable to us here at Eidoo that the right approach should be a non-custodial digital wallet because it is not the wallet's business to control the ownership of the funds it handles. Non-custodial means that no one hosts your private key but you in a 12-word format. That is the only way to access your funds, so if you lose the passphrase, no one can help you. It’s up to you to create a backup of the phrase (it’s recommended to do it offline for safety reasons).
It is also worth mentioning how technology choices made for you may cost you money. Sometimes what everyone does may not be the best option. The eidooCARD is a good example of this. It is the first one using Layer 2 showing how a fast and cost-effective crypto card is made.
Finally, it is always nice to have your finances available on your mobile, but it is always good to have a desktop alternative such as Eidoo for those users more reluctant to this platform.
Convertibility is the best way to protect yourself from volatility. A wallet that gives you the means to have your capital always in the asset form you are most interested in is the best option.
That is why at Eidoo, we give you all the possibilities:
Token swaps — to exchange your money in token pairs immediately.
On/off ramps for cryptocurrency — to move between crypto and fiat quickly and easily.
At Eidoo, we also know that it is important to be there when you need some clarification or happen to experience an issue. That's why we have multiple communication channels active so that whatever information you are looking for or whatever doubt you have, you will always find a way to solve it.
Our help is always available and your questions are welcome.
To summarize, we have made a non-custodial wallet for everything and everyone, but perhaps we have left behind a point that is no less important for being obvious.
Download your Eidoo wallet now — it’s free!